United States Healthcare Information Exchange Market to Exceed $775 Million by 2024 – ResearchAndMarkets.com

The United States healthcare information exchange market was valued at
USD 457.38 million in 2018 and is estimated to be valued at USD 775.56
million in 2024, witnessing a CAGR of 9.2% during the forecast period.

Factors driving the market growth include the increasing demand for
electronic health records, government support via various programs and
incentives, and reduction in healthcare cost and improved efficacy.

According to the National Coordinator for Health Information Technology,
41% of all hospitals were using electronically-exchanged health
information in 2008. However, by 2015, more than eight in 10 acute care
hospitals electronically exchanged laboratory results, MRI reports, and
clinical summaries, or medication lists. Owing to the increase in
government initiatives and high engagement of a private setup in HIE,
the market is expected to witness exponential growth.

The Decentralized/Federated Model is Expected to Hold the
Largest Market Share

The decentralized/federated model segment holds the largest market share
and is expected to retain its share during the forecast period. In a
federated HIE, there is no master database. In this model, each
healthcare provider is responsible for maintaining the records of their
individual patients. In this model, the main function of HIE is to
facilitate the providers in exchanging patient records among themselves,
when the need arises.

The salient distinction of a federated model is that there is no central
database from which a previously compiled, the comprehensive medical
record is stored and can be downloaded. The advantages, such as low
conflicts related to data ownership and compartmentalization of data,
which makes it less vulnerable to data thefts, along with lower
implementation costs when compared to other models, are leading to its
high adoption rates.

Competitive Landscape

The United States healthcare information exchange market is fairly
competitive and consists of several major players. Due to high adoption
rates of new technology and wide availability of reimbursement, which
necessitates the use of information exchange systems, the United States
is at the forefront of healthcare information exchange implementation.
Thus, nearly all global players are operating in the country.